StorageBlue continues its aggressive expansion within the New York/New Jersey metropolitan area with a new $10 million, 40,000 square foot acquisition of a former CubeSmart in Teaneck, according to a Monday announcement.
Alan Mruvka, the founder and former CEO of E! Entertainment Television and now StorageBlue, announced the closing of a $10 million, 40,000-square-foot new location for his aggressively growing, 5-year-old brand, StorageBlue.
Mruvka is an influential 30-year pioneer in the self-storage industry. Formerly a partner of American Self-Storage, his current company, SorageBlue, provides customers with free contactless curbside pickup, low prices and new high-tech storage facilities.
Mruvka says the investment is in response to the level of growing demand in the New Jersey and New York metropolitan area.
“We are expanding rapidly, and Teaneck was a perfect fit for our next facility. With over 40,000 residents and zero storage facilities, we specifically targeted Teaneck as our next North Jersey location,” Mruvka said.
“We looked at Teaneck strategically, and thought out where the facility will go, and plan on an expansion to it later down the road,” he added.
With eight climate-controlled self-storage facilities located in the densely populated New Jersey and New York metropolitan area and 20 more in various stages of development, Mruvka continues to revolutionize the self-storage process and customer experience. He looks to expand his real estate portfolio by acquiring existing self-storage facilities and developing new self-storage buildings.
The $10 million loan transaction was financed by Emerald Creek Capital and arranged by Justin and Richard Horowitz of Cooper Horowitz LLC.
“A high-quality operator like StorageBlue is well-positioned to meet demand in Bergen County. It was a pleasure working with Alan Mruvka. His exceptional track record in the space solidified our confidence in the transaction,” Jeff Seidler, managing director of Emerald Creek Capital, said in a prepared statement.
